Southeast Austin will see big changes at the intersection of East Riverside Drive and South Pleasant Valley Street in the next few years. Los Angeles-based investment firm, Nimes Capital, has plans to rezone a 97 acre site currently occupied by The Ballpark East apartment complex into what they call an "urban village," a large area that will be used for housing, workplaces, and retail space. Currently in the rezoning process, Nimes Capital estimates that construction will not begin before 2020, and won't see completion until much later than that; their proposal, yet to be approved by the Austin City Council, plans on building the development in five phases over 25 years.
Nicknamed "Project Catalyst," preliminary plans include 4,709 apartments, 600 hotel rooms, 435,000 square feet for retail space, and 4 million square feet for office space. With visions of buildings up to 60 feet tall (or larger in the future) and over 5 million square feet available for development, this new area could come to be a hub similar to downtown Austin and The Domain. This will complement Oracle's campus on South Lakeshore Boulevard, which includes 40 acres of corporate offices.
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